Interim Results

Bisichi Mining PLC
25 September 2001

PRESS RELEASE
24th September 2001


BISICHI MINING PLC


Interim Results

                                          6 months ending 30 June 2001


* Turnover:                            £2,277,000     2000: £1,793,000
* Profit (loss) before tax:              £127,000     2000: £(42,000)
* NAV per share including investments
  at market value:                         67.5 p     2000: 61.2 p


* New coal reserves acquired at Black Wattle Colliery
* Coal production raised to 65,000 tons per month
* Prices increases for low phosphorous coal achieved and other price increases  
  in negotiation
* Cost reduction programme in place
* UK property investment portfolio performing strongly

Commenting, Michael Heller, chairman of Bisichi Mining said:

'Despite the uncertain condition of the world economy, following the appalling
events of 11 September, I am confident that Bisichi Mining is in good shape to
withstand the unknown and that the rest of the year will be satisfactory'.



END

For further information, please call:

Michael Heller, Robert Corry or Andrew Heller
Bisichi Mining plc                                   020 7415 5000


Bisichi Mining PLC

CHAIRMAN'S REVIEW

Financial Results

I am pleased to report that in the 6 months ended 30 June 2001, Bisichi Mining
PLC made a pre-tax profit on ordinary activities of £127,000 compared to a
loss of £42,000 for the 6 months ended 30 June last year and a pre-tax profit
of £82,000 for the whole of last year. The profit for the first six months is
after writing off a number of major maintenance items.

Direct Mining

As shareholders will be aware, our principal direct mining investment is in
Black Wattle Colliery (Pty) Limited, a coal mine located in the Middelburg
region, 120 miles north west from Johannesburg. In 1999/2000, mining
operations were very badly affected by a sequence of unforeseen events. These
events had a serious impact on our ability to mine coal profitably and, in
consequence, severely impacted the results in.

However, as we advised you at the time, your management took prompt and firm
action to reverse this situation: a highly experienced mine manager was
appointed, mining operations were taken in-house, new mining equipment
acquired, underground mining was switched rapidly away from the geological
fault, new high quality reserves were acquired to the west of our existing
holdings, mining of these new reserves was commenced without delay, a third
section was opened, production totals were dramatically increased and higher
prices negotiated and achieved for the output.

The benefits of these management initiatives are now coming through. Much of
our underground equipment has been overhauled or replaced, which has impacted
on the first six months profit as I stated above.  This has enabled us to
raise production to 65,000 tons per month from an average of 44,000 in 2000
and, most importantly, to sustain it at that level. We are currently
negotiating for significant price increases for the peas and duff, in addition
to the price increases we achieved earlier in the year for the low phosphorous
coal.  Although these achievements represent substantial progress for the
mine, we are continuing to seek further improvements.

I am pleased to report that we have recently acquired additional new reserves
to the south of the mine.  These new reserves will yield very high quality
coal, but we are fully aware that they will be more expensive to mine.
Finally we have a programme in place to reduce production costs and we
continue to seek improvements in all aspects of the business.

Shareholders should be aware that we are now one of the largest producers of
low phosphorous coal in Southern Africa, a product used in the Stainless Steel
industry, and the entire off-take of this coal is contracted for several
years.

Mining & UK Investments

Our wholly owned share dealing subsidiary, Mineral Products Limited, has
continued to manage an equity portfolio with a weighting in mineral and
natural resources stocks. This portfolio complements our position in the
mining and natural resources sector and provides us with an easily accessible
cash reserve. Our UK retail property investment portfolio is fully let with an
increasing rent roll and was independently valued, as at 31 December 2000, at
a value of £7,775,000. Bisichi Mining also holds a 50% stake, with our sister
company London & Associated Properties PLC which owns the other 50%, in Dragon
Retail Properties Limited. Dragon Retail Properties currently has gross assets
of some £5.3 million and net assets of over £1.6 million.

The future

We live and operate in an uncertain world, as the recent terrible events in
the USA have all too clearly demonstrated. These senseless acts must make
anyone involved in the management of a business pause for thought but, whilst
I remain uncertain as to what the longer term consequences will be, I am
confident that your company is in good shape to withstand the unknown and that
the rest of the year will be satisfactory.

MICHAEL HELLER
Chairman
24th September, 2001



BISICHI MINING PLC
Consolidated profit and loss account
six months ended 30th June 2001

                                         6 months    6 months            Year   
                                            ended       ended           ended   
                                        30th June   30th June   31st December 
                                             2001        2000            2000   
      
                                 Note       £'000       £'000           £'000   
     
  Turnover                       1          2,277       1,793           3,695   
  Operating costs                          (2,082)     (1,730)         (3,406)  
  Operating profit               1            195          63             289   
  Exceptional items              2              4           -             (14)  
  Income from interests in                     38          20              37   
  joint venture                                                               
  Interest receivable                           3          32               4   
  Interest payable                           (113)       (157)           (234)  
  Profit (loss) on ordinary                   127         (42)             82   
  activities before taxation                                                  
  Taxation                       3             (35)        (14)            (69) 
   Profit (loss) after taxation                 92         (56)             13  
   Minority interest                             9          51              51  
   Profit (loss) for the                       101          (5)             64  
   financial period                                                            

  Earnings per share             4         0.97 p      (0.05)p         0.61 p   
    
  Dividends per share                         -            -           1.00 p   
    
  Cost of net dividend                        -            -            105     
     
  The turnover and operating 
  profit for the period derive                     
  from continuing operations 
  and are made up as follows:                                                   
  Turnover                                                                    
  Mining                                    1,897       1,413           2,900   
  Property                                    368         346             716   
  Share dealing                                 9          30              72   
  Other investments                             3           4               7   
         
                                            2,277       1,793           3,695   
  Operating Profit                                                            
  Mining                                      111         (14)             28   
  Goodwill                                    (42)        (42)            (85)  
       
                                               69         (56)            (57)  
  Property                                    122         115             331   
  Share Dealing                                 1           -              12   
  Other investments                             3           4               3   
         
                                              195          63             289   
       


BISICHI MINING PLC
Consolidated balance sheet

                                        30th June   30th June   31st December 
                                             2001        2000            2000   
                                 Note       £'000       £'000           £'000   
     
  Fixed assets                                                                
  Intangible assets                           259         343             301   
  Properties and other           5          8,663       8,307           8,714   
  tangible assets                                                             
  Investments                               1,027         769             924   
       
                                            9,949       9,419           9,939   
     
  Current assets                                                              
  Stocks                                       24          68              31   
  Debtors                                     896         622             492   
  Investments (Market value      6            450         408             424   
  £659,000)                                                                   
  Bank balances                                45          47              88   
        
                                            1,415       1,145           1,035   
     
  Creditors - falling due                  (2,567)     (2,244)         (2,249)  
  within one year                                                             
  Net current liabilities                  (1,152)     (1,099)         (1,214)  
  Total assets less current                 8,797       8,320           8,725   
  liabilities                                                                 
  Creditors - falling due                  (2,113)     (2,154)         (2,131)  
  after one year                                                              
  Provisions for liabilities                  (12)        (12)            (12)  
  and charges                                                                 
  Minority interests                          170         176             162   
  Net assets                                6,842       6,330           6,744   
     
  Financed by:                                                                
  Equity shareholders' funds                6,842       6,330           6,744   

  Statement of total recognised gains and losses                                
  six months ended 30th June 2001                                               
                        
                                        6 months    6 months            Year    
                                           ended       ended           ended    
                                       30th June   30th June   31st December 
                                            2001        2000            2000    
                                           £'000       £'000           £'000    
    
  The company                                 76          39              80    
  Subsidiary and joint venture                25         (44)            (16)   
  Profit (loss) for the period               101          (5)             64    
  Revaluation of investment                                                   
  properties                                                                  
  - company                                    -           -             418    
  - joint venture                              -           -              95    
  Exchange adjustments                        (3)        (21)            (84)   
  Total gains and losses                      98         (26)            493    
  recognised in the period                                                    

  BISICHI MINING PLC                                                          
  Group cash flow statement                                                   
  six months ended 30th June 2001                                               
                        
                                        6 months    6 months             Year   
                                           ended       ended            ended   
                                       30th June   30th June    31st December 
                                            2001        2000             2000   
                                           £'000       £'000            £'000   
     
  Net cash inflow from                                                        
  operating activities                                                        
  Operating profit                           195          63              289   
  Depreciation charges and                   192         170              331   
  goodwill amortised                                                          
  Profit on sale of current                   (1)          -              (12)  
  asset investments                                                           
  (Increase) decrease in                     (27)       (260)              23   
  current assets                                                              
                                             359         (27)             631   
       
  Returns on investments and                (110)       (125)            (230)  
  servicing of finance                                                        
  Taxation                                    (3)          -              (59)  
  Capital expenditure and                   (197)        (37)            (304)  
  financial investment                                                        
  Equity dividends paid                        -           -             (105)  
      
  Cash inflow (outflow) before                49        (189)             (67)  
  financing                                                                   
  Financing                                  (90)        (46)              10   
        
                                             (41)       (235)             (57)  
       
  Reconciliation of net cash flow to                                          
  movement in net debt                                                        
  (Decrease) in cash in the                  (41)       (235)             (57)  
  period                                                                      
  Net cash flow from changes                  90          46              (10)  
  in debt                                                                     
  Movements in net debt in the                49        (189)             (67)  
  period                                                                      
  Net debt at 1 January 2000              (2,954)     (2,887)          (2,887)  
  Net debt at 30 June 2001                (2,905)     (3,076)          (2,954)  
    
  Analysis of net debt                                                        
  Bank balances in hand                       45          47               88   
  Bank overdraft                            (837)       (969)            (838)  
  Debt due within one year                     -           -              (73)  
  Debt due after one year                 (2,113)     (2,154)          (2,131)  
                                          (2,905)     (3,076)          (2,954)  
    


BISICHI MINING PLC
Notes to the interim results
six months ended 30th June 2001

                                         6 months    6 months            Year   
                                            ended       ended           ended   
                                        30th June   30th June   31st December 
                                             2001        2000            2000   
                                            £'000       £'000           £'000   
     
  1. Geographical analysis                                                    
  Turnover                                                                    
  United Kingdom                              380         380             795   
  Southern Africa                           1,897       1,413           2,900   
                                            2,277       1,793           3,695   
     
  Operating profit                                                            
  United Kingdom                             126          119             346   
  Southern Africa                             69          (56)            (57)  
                                             195           63             289   
       
  2. Exceptional items                                                        
  Arising in respect of fixed                                                 
  asset investments                                                           
  - gains from disposals                       4            -             (14)  
       
  3. Taxation                                                                 
  Company and subsidiaries                    26            9              60   
  Joint venture undertakings                   9            5               9   
                                              35           14              69   
        

4. Earnings per share

Earnings per share have been calculated
on the issued share capital of 10,451,506 
shares throughout the period under review.

5. Properties are included at valuation 
   at 31st December 2000

6. Investments held as current assets
Listed Investments Portfolio at lower 
of cost or net realisable value              450          408             424
Listed Investment Portfolio at market 
value                                        659          572             606
Unrealised surplus of market value 
over cost                                    209          164             182

7. The above financial information does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985.  The figures for 
the year ended 31st December 2000 are based upon the latest statutory accounts 
which have been delivered to the Registrar of Companies; the report of the 
auditors on those accounts was unqualified and did not contain a statement under
Section 237(2) or (3) of the Companies Act 1985.  The six months figures use the
same accounting policies as for the year ended 31December 2000, and have not 
been audited or subject to review by the auditors.

8. Board Approval

These interim results were approved by the Board of Bisichi Mining PLC on 24th
September 2001.

9. Posting to shareholders.

The interim statement will be posted to shareholders shortly.  Copies are
available at the Company's Registered Office: 8-10 New Fetter Lane, London EC4A 
1AF.


The statement may also be downloaded from the Company's web site at
www.bisichi.co.uk